Pacific Heritage Bank's newly appointed president is challenged by two-to-one odds.Pacific Heritage Bank's newly appointed president is challenged by two-to-one odds Integrating the acquisition of a failed thrift thrift: see leadwort. the size of your bank is no easy task, said Thomas Okamura, recently named president of Torrance-based Pacific Heritage Bank "Our immediate goals are to clear the smoke, refine our position and increase the bank's efficiency," said the Okamura, who has been with the Japanese-American-owned bank since it opened its doors in 1981. Okamura is currently selling off deposits and some assets from its December 1990 acquisition of Charter Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. from the federal government's Resolution Trust Corp. Pacific Heritage, with assets of $128 million before the acquisition of $210 million (assets) Charter Savings, has whittled down its total assets to $205 million to meet federal capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , a fact that does not concern Okamura greatly because many of the savings and loan's deposits bore high interest rates necessary to lure customers to the troubled institution. Okamura is now attempting to convert Charter Savings' clients to full-service customers. Boasting "13,000 new accounts opens the door to new marketing approaches," said Okamura, noting that the bank will attempt to expand into more home loans. "We are not by nature residential," said the 44-year-old, who spearheaded the acquisition of Charter Savings. Charter Savings, with its Japanese-American clientele and locations in Little Tokyo, Gardena, Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. and Monterey Park Monterey Park, city (1990 pop. 60,738), Los Angeles co., S Calif., a growing residential suburb of Los Angeles; inc. 1916. It is a wholesale, retail, and financial services center. (Pacific Heritage did not acquire the latter two locations) is a good match with Pacific Heritage's locations in Gardena and Little Tokyo. But it took Okamura a good deal of persuasion PERSUASION. The act of influencing by expostulation or request. While the persuasion is confined within those limits which leave the mind free, it may be used to induce another to make his will, or even to make it in his own favor; but if such persuasion should so far operate on the mind to convince officials of the Resolution Trust Corp. to allow a lead bank, Pacific Heritage, and a joint venture bank, downtown-based Far East National Bank, to split up the assets of Charter Savings, he said. Okamura was also runner-up to Pacific Heritage Chief Executive Vincent Okamoto in an officer-led, oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. sale of $3.15 million of the company's stock which ended in November. Said Okamura, "I think the bank pretty much sold itself when buyers saw the bank's historical performance and return to investors." PHOTO : Okamura: Melding banks |
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